Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt.
Appellant and SKF India are both subsidiaries of AB SKF Sweden. Appellant & SKF India have agreed to pool & combine their respective manpower & other resources for the purpose of achieving maximum synergetic benefits.
Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperformance, citing flawed approval process.
Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval under Section 151 of the IT Act.
ITAT Chennai held that although the assessee company was following the mercantile system of accounting, only real income could be brought to tax. Hypothetical income cannot be taxed. Hence, appeal of revenue dismissed.
Gujarat High Court held that notice issued under section 148 of the Income Tax Act after approval of resolution plan by the adjudicating authority under Sub-section (1) of Section 31 of the IBC is liable to be quashed and set aside.
Delhi High Court held that provisions of section 138(B) of the Customs Act doesn’t provide unfettered right in all cases for cross examination of relevant person. Accordingly, appeals are disposed of.
ITAT Raipur held that addition under section 68 towards unsecured loan from related party cannot be sustained since identity, creditworthiness of lender and genuineness of transaction proved. Hence, appeal of revenue dismissed.
Delhi High Court held that imposition of condition in case of provisional release of seized goods is discretionary and hence directed furnishing of bank guarantee to the tune of 30% of the differential duty instead of 130%.
Andhra Pradesh High Court held that time permit set out under section 73(2) of the Central Goods and Services Tax Act [CGST Act] is mandatory and any violation of that time period renders show cause notice bad-in-law.
